£124k Hire Purchase Deal Gears Up Coach Operator To Fulfil Contract
The Opportunity
Haydock Broker Relationship Manager, Adam Bamforth, was contacted by broker partner Landmark Finance Ltd with an opportunity to purchase a 53 seater coach which also required a Public Service Vehicle Accessibility Regulation (PSVAR) compliance conversion. Their client was a well-established family business that operated 33 vehicles serving a range of county council and football club contracts.
The Challenge
The client needed to purchase a new coach in order to replace an older vehicle which would not meet the compliance standard, Public Service Vehicle Accessibility Regulation (PSVAR), required to fulfil their rail replacement contract.
The Solution
The Haydock team worked closely with Paula Timmins, from Landmark Finance Ltd, to structure a 60 month term HP facility with a VAT deferral which would over the cost of both purchasing the coach and the PSVAR conversion which was held on a retainer until the work had been completed.
The Result
A £124k hire purchase solution provided the coach operator with the funding to upgrade their older vehicle with a PSVAR compliant replacement and fulfil their rail replacement contract.
We have a good relationship with the underwriting team who are very adaptable, knowledgeable and understand the bus & coach business. They understand the challenges our customers are facing in these uncertain times providing quick decisions. All the Haydock team including admin and payouts turn deals around within tight timescales.
Paula Timmins
Sales Executive, Landmark Finance Ltd
